(By Balaseshan) BNY Mellon, which is the corporate brand of the Bank of New York Mellon Corp. (NYSE: BK), said it has received a commercial banking license from the Brazilian Central Bank.
The commercial banking license will enhance the company's securities servicing capabilities in the country. The license has been granted to BNY Mellon Banco S.A.
"We have experienced outstanding growth in Brazil over the last decade and the new license reinforces our plans to continue to grow and invest in the country," said Zeca Oliveira, BNY Mellon's country executive in Brazil and CEO of the newly formed BNY Mellon Banco S.A.
With the new license, BNY Mellon will initially offer custody services for non-resident investors and private equity funds, as well as deposit-taking, collateral and agency services through its Corporate Trust business.
"We are confident that our commitment to Brazil will provide meaningful benefits to our clients, who value our financial strength, wide range of global services, and local expertise and experience," said Gerald Hassell, chief executive of BNY Mellon.
The company offers a full range of asset management, asset servicing, wealth management, depositary receipts, treasury services, and corporate trust services to the Brazilian market.
BNY Mellon, which has more than 500 staff members in offices in Rio de Janeiro and Sao Paulo, currently holds local leadership positions in asset management and securities servicing, with more than $11 billion in assets under management, about $92 billion in assets under administration and 69% market share of Brazilian DR programs.
The company has $27.9 trillion in assets under custody and administration and $1.4 trillion in assets under management, services $11.6 trillion in outstanding debt and processes global payments averaging $1.4 trillion per day.
BK closed Thursday's regular session up 0.25% at $24.06. The stock has been trading between $17.67 and $25.35 for the past 52 weeks.